Bitcoin Reaches New Heights

[youbob]

At the current time of posting this thread, 8:55pm CT, the current exchange rate for 1 BTC to USD is $318.0100, and growing.
This makes me wonder will it just keep on growing forever, or is this the beginning of the collapse. A lot of people both professorial financial analyst and everyday people say it can't last very long.

However, now you can do so much with bitcoins. For one, you can buy a car with this currency. In Australia there is a company that allows you to trade bitcoins for their off-road vehicles. http://venturebeat.com/2013/11/04/you-can-now-buy-a-car-with-bitcoin-in-australia/  You can even buy regular stuff with bitcoins, such as if you go to the www.bitcoinstore.com

So if business are will to risk real items for bitcoins then that must tell me that it's not going away anytime soon.

One thing is for sure, this is totally amazing! Bitcoin has forever changed the way we think about currencies, and how we spend it.

[BitTrade]

However, now you can do so much with bitcoins. For one, you can buy a car with this currency. In Australia there is a company that allows you to trade bitcoins for their off-road vehicles.

I heard you can also take bitcoins to the guy wearing the green hat on the corner of 5th and 9th in Manhattan between 1 and 3pm and exchange them for a knock-off rolex.

So yes, you can "do more" with bitcoin than, say, a rock.  But we aren't competing with rocks.  We're competing with government monopoly currencies.  

[Mageant]

At the current time of posting this thread, 8:55pm CT, the current exchange rate for 1 BTC to USD is $318.0100, and growing.
This makes me wonder will it just keep on growing forever, or is this the beginning of the collapse. A lot of people both professorial financial analyst and everyday people say it can't last very long.

Many professional analysts and everyday people don't understand Bitcoin. Bitcoin is different than any other commodity or financial instrument.

While it will not last forever Bitcoin can up go up a lot more until it reaches its saturation point. This is where Bitcoin has is being used everywhere where it is useful.

This kind of growth is typical for technology adoption curve.
http://www.x-btc.com/1/post/2013/11/bitcoin-is-not-surging-going-ballistic-or-going-on-an-astronomical-tear.html

Some people estimate Bitcoin could go up to US$ 1,000,000 or so in 5-10 years.

[MaxBTC1]

For some reason I'm still scared it will drop very soon. I hope not

I think its gonna flatline once the media driven hype slows down, but long term btc is flying

[jag2k2]

In the last revaluation (in April) the price started in the 30's then shot up.  It hit 266 and stayed there for like an hour before it went down to 60ish.  This time we have started at 130ish and gone to 300+ and stayed there for a day and a half.  Every hour that Bitcoin stays above 300 is a win in my book.  It slowly reprograms humanity's expectations on what a bitcoin is and can be worth.

[MicroGuy]

One thing is for sure, this is totally amazing! Bitcoin has forever changed the way we think about currencies, and how we spend it.

Based on the development I see coming out of the altcoin sector "you ain't seen nothing yet!"

[Bitalo_Martin]

this time the price is "covered" by the insane difficulty. I think 400 euros is a fair price if you consider that the network is still growing with an insane rate.

[franky1]

$320 is only the equivelent of

200k people investing $19,200 ever in their life so far (on average)

600k people investing $6,400 ever in their life so far (on average)

2mill people investing $1920 ever in their life so far (on average)

now imagine there being 7 billion people in the world and only 1% of the world ever put 1 months salary (about $1920) EVER into bitcoin
70million people when all coins are mined.. each coin is worth $6400, or currently with 12 mill coins mined. each coin is worth $11,200

so there you go.. theres some possibilities of population uptake and average financial input figures, to get your minds playing about with

[IsaacGoldbourne]

At the current time of posting this thread, 8:55pm CT, the current exchange rate for 1 BTC to USD is $318.0100, and growing.
This makes me wonder will it just keep on growing forever, or is this the beginning of the collapse. A lot of people both professorial financial analyst and everyday people say it can't last very long.

Many professional analysts and everyday people don't understand Bitcoin. Bitcoin is different than any other commodity or financial instrument.

While it will not last forever Bitcoin can up go up a lot more until it reaches its saturation point. This is where Bitcoin has is being used everywhere where it is useful.

This kind of growth is typical for technology adoption curve.
http://www.x-btc.com/1/post/2013/11/bitcoin-is-not-surging-going-ballistic-or-going-on-an-astronomical-tear.html

Some people estimate Bitcoin could go up to US$ 1,000,000 or so in 5-10 years.

I think it can go further than that. If we can get it to overtake some smaller currencies, perhaps just behind the euro and then have another financial collapse it may be looked to as the world reserve currency.  That could push it to ridiculous levels (so ridiculous you don't say how many $ its worth)

[simplydt]

$320 is only the equivelent of

200k people investing $19,200 ever in their life so far (on average)

600k people investing $6,400 ever in their life so far (on average)

2mill people investing $1920 ever in their life so far (on average)

now imagine there being 7 billion people in the world and only 1% of the world ever put 1 months salary (about $1920) EVER into bitcoin
70million people when all coins are mined.. each coin is worth $6400, or currently with 12 mill coins mined. each coin is worth $11,200

so there you go.. theres some possibilities of population uptake and average financial input figures, to get your minds playing about with

Whose 1 months salary is that, I'm pretty sure that is not true for most of the world

[Krikke81]

$320 is only the equivelent of

200k people investing $19,200 ever in their life so far (on average)

600k people investing $6,400 ever in their life so far (on average)

2mill people investing $1920 ever in their life so far (on average)

now imagine there being 7 billion people in the world and only 1% of the world ever put 1 months salary (about $1920) EVER into bitcoin
70million people when all coins are mined.. each coin is worth $6400, or currently with 12 mill coins mined. each coin is worth $11,200

so there you go.. theres some possibilities of population uptake and average financial input figures, to get your minds playing about with

Whose 1 months salary is that, I'm pretty sure that is not true for most of the world

The wage takes into account the inflation of fiat 
Besides BTC will make everyone rich , well at least me I hope 

[Carl Junior]

The wage takes into account the inflation of fiat  
Besides BTC will make everyone rich , well at least me I hope  

Well our hopes are similar. I find it hard to believe, my bitcoins are worth over $1000 one day. That would be like flying on crack.

[mvidetto]

I just looked at coinbase and bitcoin was trading over there at $325 and doesn't show any signs of slowing down currently.

[MicroGuy]

I just looked at coinbase and bitcoin was trading over there at $325 and doesn't show any signs of slowing down currently.

No signs?

It's getting ready to crash! Grab your dog and your ammo and head for the hills!!

http://www.youtube.com/watch?v=9N1wNbyqNDo

[dairy100]

someone in another thread says that difficulty is already starting to taper off

[wopwop]

good times for all

[BittBurger]

I just looked at coinbase and bitcoin was trading over there at $325 and doesn't show any signs of slowing down currently.

No signs?

It's getting ready to crash! Grab your dog and your ammo and head for the hills!!

http://www.youtube.com/watch?v=9N1wNbyqNDo

Sucks when you're wrong huh    Went up to $352 after you posted this

[ranmn7]

$320 is only the equivelent of

200k people investing $19,200 ever in their life so far (on average)

600k people investing $6,400 ever in their life so far (on average)

2mill people investing $1920 ever in their life so far (on average)

now imagine there being 7 billion people in the world and only 1% of the world ever put 1 months salary (about $1920) EVER into bitcoin
70million people when all coins are mined.. each coin is worth $6400, or currently with 12 mill coins mined. each coin is worth $11,200

so there you go.. theres some possibilities of population uptake and average financial input figures, to get your minds playing about with

The problem with your calculations is that not even the US Dollar, which is the most widely used currency in the world, is used by 7 billion people for purchases.

And your assumption on the average monthly salary is pretty extreme for the majority of the population of the world.

I do believe that widespread use of bitcoin will drive it up in value, but I'm questioning your calculations, and assumptions used in your calculations.

Another point is that it takes technology to use bitcoin, even if its only a cell phone, it has to be a smart phone. The cost of smartphone plans is not affordable to a huge portion of the population in many countries.

I hope to see a low tech solution which will allow trading of bitcoins without the overhead required now. That will boost the use and acceptance of bitcoin and increase its value significantly.

[MicroGuy]

Sucks when you're wrong huh   Went up to $352 after you posted this

Sorry.... I can't call the exact moment when it will crash but it will be soon.  

[alexout]

LOL.

Nice advertising in the OP. Did anyone else not catch this the first time?